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Set off of business loss

Narayanasamy.Y (Freelancer-Accounts&Tax) (92 Points)

02 July 2013

Dear Professional Colleagues

Can we set off the Current Year Business Loss with Current Year STCG (STT Paid).Kindly give your valuble suggestions in this regard

Regards

Narayanasamy.Y

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4 Replies

sonijohn (auditor) (53 Points)
Replied 02 July 2013

Business loss cannot be set-off against salary income. It can be set-off against other incomes including CG

1 Like

CA Momin Owais Ahmed (Audit Manager) (154 Points)
Replied 02 July 2013

You can Set off Current Year Business Loss Against any Income except from Salary

1 Like

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 02 July 2013

Yes it can be done. Please refer section 71(2).

(2) Where in respect of any assessment year, the net result of the computation under any head of income, other than "Capital gains", is a loss and the assessee has income assessable under the head "Capital gains", such loss may, subject to the provisions of this Chapter, be set off against his income, if any, assessable for that assessment year under any head of income including the head "Capital gains" (whether relating to short-term capital assets or any other capital assets).

1 Like